Mumbai, Feb 8: Anil Ambani, the brother of Asia’s richest man has pleaded poverty in his dispute with three Chinese banks seeking $680 million in defaulted loans.
“The value of my investments has collapsed,” Anil Ambani said, according to a court filing by the banks in a London lawsuit.
“The current value of my shareholdings is down to approximately $82.4m and my net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.”
The lawsuit was filed by three state-controlled Chinese banks which argue that they provided a loan of $925 million to Ambani’s Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. The comments were disclosed on Friday as Ambani sought to avoid depositing hundreds of millions of dollars with the court ahead of a trial.
The embattled Indian tycoon says that while he agreed to give a non-binding “personal comfort letter,” he never gave a guarantee tied to his personal assets -- an “extraordinary potential personal liability.”
The 60-year-old is the brother of Mukesh Ambani, who’s worth $56.5 billion and is the wealthiest man in Asia. Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status. His Reliance Communications filed for bankruptcy last year.
The banks asked Judge David Waksman to force Ambani to put up $656 million into the court’s account.
Representatives for Ambani’s Reliance Group said they couldn’t immediately comment. They said the group will issue a statement once the court issues the final order.
Ambani’s lawyer, Robert Howe, said the court shouldn’t order his client to make a payment he can’t make. The tycoon argues that an order requiring him to do so would hinder his ability to defend himself in the case, Howe said.
“There’s no evidence of some giant pot of gold that he can pull $1 million, let alone $10 million, let alone $100 million,” Howe said.
Bankim Thanki, an attorney representing Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China, said in a filing that Ambani’s statements are “plainly a yet further opportunistic attempt to evade his financial obligations to the lenders.”
Ambani was caught up in another legal wrangle last year when India’s Supreme Court threatened him with prison after Reliance Communications failed to pay Rs 5.5 billion ($77 million) to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in just in time to make the payment.
Anil said in a filing that he recognized that the judge would want to know if he could satisfy any order to put up funds from outside resources, including his family.
“I can confirm that I have made enquiries but I am unable to raise any finance from external sources,” he said. Judge Waksman had said in an earlier ruling that he believed Ambani’s defence would be shown to be “opportunistic and false.”
Ambani’s lawyer told the judge that as a result of the comments the tycoon’s relatives were unlikely to lend any funds.
There is a “very substantial risk they will never get it back,” Howe said.
The reason for the raid was that a girl belonging to another community was present in the room. However, after inquiry the cops returned as they realised that the girl was not only his classmate but was also his fiancée.
Comments
ALWYN,,,,THERE R SOME WHO WANT TO EXPLORE,,EVEN PARENTS ARE FINE ABOUT THIS BUT SOCIETY IS NOT ,SOMETIMES IT IS OTHERWISE,,,,ONE SHUD NOT INTERFERE TO THE CERTAIN EXTENT,,IN SOCIETY ONE SHUD KNOW HOW TO ACT AND TALK,,,,,ONE SHUD NOT HURT OTHERS,,,,LOVE JIHAD IS SERIOUS,,,THERE ARE INDIVIDUALS WHO DO IT FOR FUN,,,AND SOME FOR DEMEANING THE GIRLS REPUTATION AND SOMETIMES EVEN THE COMMUNITY,,,,,,,SOME SOCIETIES ARE VERY REGRESSIVE LIKE MUSLIM COUNTRIES,,,,,,OURS IS OK,,,ONE SHUD NOT FEEL EVERYTIME IT IS THE CASE,,,,,WHEN A COUPLE ACTUALLY LOVES EACH OTHER THEY SHUD BE ALLOWED,,,,THATS THE WHOLE POINT.......
Doorway to Haven AK47 please help us, many of our girls are victim of Love jihad, this is other example. we are help less
NO DC OR BC CAN STOP THIS,,,,,,ITS HAPPENING EVERYWHERE IN THE WORLD,,,,THIS TIME THE MALE WAS SAVED BECAUSE GIRL IS CHRISTIAN,,,UNTIL NEXT TIME,,,WEN GIRL IS HINDU,,,HE WILL GET IT FOR SURE,,,,,THEN WE WILL C WHAT DC DOES,,,,,NONESENSE PEOPLE TALKING COURAGE ON WEB FORUMS,,,ITS SO MANLY
Koti-an & other chaddis, BURNOL BODA
CHADDIGALIGE BURNOOL BAGHYA....
Shame !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! on dirty mind people...........
its not coming from their back ..its coming from Hindutwa Activists mouth
These shameless goondas have no job but to create disturbance in society. Police should book them for wasting time and trying to create communal disturbance. Arrest the leaders of these goonda parties.
One who act against country's CONSTITUTION and tamperning the rules and contents of CONSTITUTION and playing against law and attacking on any particular community or conducting group clash; igniting communal clash is a terrorist and Government and Supreme Court must announce to whole nation and implement.
Then no one dare to show off with DHARMA;SENA; BHAKT BRIGADE etc.
respected deputy commission,
dear sir,
it has been a practice in dakshina kannada that , the sangha pariwar goons always accompany policemen for any raid , which was complained by them.
why you need sangha pariwar goons along with your police men? your police men are not enough to handle the situation? or the police men are also involved in sangha pariwar activities?
this is specially when they raid \minority houses, church, mosque and commercial places only. entire muslims in dakshina kannada knows this routine. thus the minorities are losing faith in police.
kindly requesting your good selves to stop this practice to show that your team is capable to handle any situation, and your team is not supported by the sangha pariwar goons."
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